The U.S. Securities and Exchange Commission (SEC) has taken Elon Musk to court again, and this time it may win.
It sued him in 2018 and again in 2019 in relation to a tweet Musk sent saying that he had funding secured to take his electric carmaker Teslaprivate. The 2018 lawsuit was quickly settled on the condition that lawyers vet Musk's future tweets. The 2019 lawsuit by the SEC trying to enforce that deal did not go their way.
"This case is different from past forays between the SEC and Elon Musk because it's a subpoena enforcement case. These cases are really cut and dry," said Stephen Crimmins, a partner with Davis Wright Tremaine law firm and a former SEC trial lawyer.If Musk defies the court, he is likely to be fined until he testifies, lawyers said. Further defiance could, in an extreme scenario, lead to jail.
Among his objections, Musk said the SEC was trying to "harass" him and that his counsel needed time to review potentially relevant material contained in a biography of Musk published last month, the SEC said. "As investigations go on, you sometimes want to bring people back as you have more information," said Howard Fischer, a partner at law firm Moses & Singer and former SEC attorney. He added the court will likely order Musk to sit for additional testimony.a court compelled Jay-Z to testify
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